Rubber market ends, tracking losses in Shanghai rubber futures

Publish date: Fri, 06 Jan 2023, 06:37 PM

KUALA LUMPUR: The Malaysian rubber market ended lower today, tracking the losses in the Shanghai rubber futures markets, said a dealer.

However, the losses were capped by gains in the benchmark crude oil prices and better-than-expected United States (US) economic and jobs data.

"Oil prices extended their recovery today for the second straight session after the US inventory data and the reopening of the China-Hong Kong border spelt some positive trends for demand, although fears of a looming recession still kept crude on course for steep weekly losses," he said.

At the time of writing, Brent crude oil price edged up by 0.04 per cent to US$78.72 per barrel.

Meanwhile, the dealer said that the number of Americans filing for unemployment insurance had unexpectedly declined last week, citing the data from the US labour department which was released yesterday.

"White House officials reported that the US economy was seeing 'really bright spots' after a rough few years, and was headed for a 'new plateau' - a new term for stable, slower growth ahead," he said.

The Malaysian Rubber Board's (MRB) price for Standard Malaysian Rubber 20 (SMR 20) dropped 8.5 sen to 574.5 a kg, while latex-in-bulk was down by two sen to 471 sen a kg.

At 5 pm, MRB's closing price for SMR 20 stood at 577.5 sen a kg, while latex-in-bulk was at 470.5 sen a kg.


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